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Replies (7)
- Bernard Nubla, "The Weekend Lender"
- Contributions:5
Hello Marquessa,
Typically they are transactions based on a 20 to 25% down payment or equity position.
Most lenders if you ask them just like you posted on this fourm should be able to shoot you a pretty straight forward rate quote.
Lenders can ALWAYS offer different rates, they should be pretty close but again it depends on the loan officer and how far they are willing to go to earn your business.
- Doug deBruyn, "loanpilot"
- Contributions:34
Usually BankRate is a survey of lenders over the past week and assumes an 80% (80/20) loan to value (LTV). Zillow actually puts in dummy quotes at various LTV and loan amounts to survey the market.
You will get a lower rate for a 60% LTV than you will for an 80% LTV. Your credit score will also have a huge impact on your interest rate as well.
Just make sure you are working with a lender that takes the time to find out what is most important to you about this transaction. A low rate is great, but if you are in the wrong loan for what you are trying to accomplish it could cost you more in the long run.
Hope this helps,
Doug deBruyn, MLO# 79355
[contact information and hotlink removed by Zillow moderator]
You will get a lower rate for a 60% LTV than you will for an 80% LTV. Your credit score will also have a huge impact on your interest rate as well.
Just make sure you are working with a lender that takes the time to find out what is most important to you about this transaction. A low rate is great, but if you are in the wrong loan for what you are trying to accomplish it could cost you more in the long run.
Hope this helps,
Doug deBruyn, MLO# 79355
[contact information and hotlink removed by Zillow moderator]
- Michael Dolan, "BrokerPro"
- Contributions:277
Advertised rates assume 80% loan to value and 20% equity. Sometimes, if the equity is larger, some lenders will lower the rate a little.
For full transparency and clear explanations, google the Upfront Mortgage Brokers Association web site.
You won't get the best rate by just calling around. You need to send your documentation to your trusted loan agent who can make decisions about the LTV. And then lock at the right time.
Good luck
For full transparency and clear explanations, google the Upfront Mortgage Brokers Association web site.
You won't get the best rate by just calling around. You need to send your documentation to your trusted loan agent who can make decisions about the LTV. And then lock at the right time.
Good luck
- Clay Branch, "Georgia Loans"
- Contributions:7839
You need to look at everything, the rate AND pricing. Advertised rates are usually based on an 80% Loan to Value but that does not mean all lenders advertise that way. You have to read the fine print which should be somewhere on the ad and it will tell you the assumptions, Loan to Value, Credit Score, Occupancy, etc. I used to look at rates in the Sunday Atlanta Journal, which were based on an 80 LTV and after reading the fine print it said the rates were submitted by Wed at 1:00. The problem with that is the rates could change 5, 6, or 7 times before the paper was opened on a Sunday. One "online lender" that is occasionally referred by a few realtors on Zillow quotes based on an 800 score. Their offer looks good if you happen to have an 800 middle score but the vast majority do not. When you go into Bankrate for a quote, it will have 2 options, 5% or 20% down payment/equity. Once the rates are displayed from 10-15 lenders/brokers, then you can adjust the LTV with a range of 5% to 40% down payment/equity. With Zillow, you have the best to work with since you enter all information and you can adjust the LTV to whatever you want, 77%, 76%, 74%, etc. The other fields are designed to yield an exact quote based on the information you enter, plus it is anonymous. Spend 5-10 minutes filling out a quote request on Zillow, then you should get the most accurate and competitive results available and also tell you which of the 2 lenders you already spoke with are being truthful.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
25% of loan originations today do not close. A rate has no value until it is locked. A locked rate has no value if the loan doesn't close. Finding someone you feel is knowledgeable and can trust far outweighs finding the lowest posted or quoted rate.
Happy funding, Rudi
Happy funding, Rudi
- Pasadenan
- Contributions:21466
The rates that Zillow shows on a home details page, or in the right margin of each page are not "advertised rates", and are not done by "surveys", but uses the median quote rate of all Zillow Mortgage Market place quotes for 680+ FICO, 20% down, 30 yr fixed.
For the rate calculator on each home details page, you can change the amount down, the purchase price, and select between 30 yr fixed, 15 yr fixed, and 5/1 arm. Zillow then changes which quote statistics for the day are used for the calculation, and if you reduce the % down, it adds in the mortgage insurance when necessary. It also lets you chose to add in the estimated taxes and home-owner insurance. It is an estimate only, based on the median of the quotes being given for the day. It tells you nothing about origination loan fees.
If you "request a quote" on Zillow Mortgage Market Place, the rates and terms given is based upon what rates a loan officer that chooses to quote for your specific condition can get from their various loan sources at the time. Most of the quotes are done by automatic software, with adjustments made each day based on the rate sheets they have. A major mid-day rate-sheet adjustment may cause a loan officer to change the criterion in their quoting engine more than once in a day.
So, the rate calculator, and the trend chart in the right column are a "good starting point", but you still want to request specific quotes. And just because someone quotes it doesn't mean it is available. Some loan officers are known for leaving off required fees, or for quoting below what is available on their rate sheets, so if it looks too good to be true, it probably is. Check everything!
For the rate calculator on each home details page, you can change the amount down, the purchase price, and select between 30 yr fixed, 15 yr fixed, and 5/1 arm. Zillow then changes which quote statistics for the day are used for the calculation, and if you reduce the % down, it adds in the mortgage insurance when necessary. It also lets you chose to add in the estimated taxes and home-owner insurance. It is an estimate only, based on the median of the quotes being given for the day. It tells you nothing about origination loan fees.
If you "request a quote" on Zillow Mortgage Market Place, the rates and terms given is based upon what rates a loan officer that chooses to quote for your specific condition can get from their various loan sources at the time. Most of the quotes are done by automatic software, with adjustments made each day based on the rate sheets they have. A major mid-day rate-sheet adjustment may cause a loan officer to change the criterion in their quoting engine more than once in a day.
So, the rate calculator, and the trend chart in the right column are a "good starting point", but you still want to request specific quotes. And just because someone quotes it doesn't mean it is available. Some loan officers are known for leaving off required fees, or for quoting below what is available on their rate sheets, so if it looks too good to be true, it probably is. Check everything!
- Carl Ashton, "Carl Ashton"
- Contributions:86
On Zillow generally the represent 20% down conv loan......
On Bankrate they actually give you the "basis" as an Idea of a typical loan.
You can request a quote on zillow for your actual situation......
On Bankrate they actually give you the "basis" as an Idea of a typical loan.
You can request a quote on zillow for your actual situation......
When Zillow and sites like BankRates display their Mortgage rates what is it based on?
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